Rowan posts over here about the differing ways banks react to third party providers utilising their account holder’s data. (Think Xero and it’s offerings). Rowan discusses the fact that there are varying degres of buy-in from our banks but all demand clunky registration forms and most want to clip the ticket on information transfers.
Seems to me (and I always manage to create some sort of 3rd generation opportunity out of enterprises that stick to a 1.0 methodology) that there is a real opportunity here for a progressive bank (or perhaps a non-bank wishing to punch above their weight) to really become an online banking institution.
The current offerings from most of the players are traditional channels merely ported to the web as another delivery offering. An example of backwards web-banking, my BNZ internet banking for business login requires me to remember a 9 digit number, a user code and a password. All of that only gets me to a point where I have to use a clunky piece of plastic electronic wizadry to come up with some highly random number string which I enter into the site to get access.
While all this hassle must guarantee a high degree of security (and it is my money we’re talking about here), it seems pretty old school – akin to showing the bank your passport when opening an account.
Surely in this day and age the banks coul poach some of TradeMe and Xero’s finest and develop a better UI offering?